Saudi purge sends oil price surging

Oil reached levels last seen more than two years ago as Saudi Arabian King Salman’s anti-corruption drive shook the world’s biggest crude exporter just weeks before major producers gather to discuss prolonging historic production caps.

Futures advanced up to 1.2% in New York after the purge eliminated potential rivals to crown prince Mohammed bin Salman and included a member of the royal council overseeing state oil producer Saudi Aramco and one of its directors. However, the arrests of princes, government ministers and billionaires may cast a shadow over the November 30 meeting of Opec.